Conforming Loan Questions for Home Buyers and Owners - help

[violet02]

Now that the conforming loan rate has been increased to 729k until Dec 31, 2008 has anyone actually gotten one of these? We went to our credit union today that told us a story about it being ''too new'' and how a lot of banks don''t even offer it yet even though it was put into law supposedly on July 31st, 2007. What''s the point of an economic stimulus package if no bank offers it?

We''re going to try other banks but it baffles me that this would be something thats supposed to help the economy particulary in high priced areas but STILL not be offered in April of ''08! Our credit union actually said it was only to help businesses mainly which I find to be total BS.

Has anyone had this problem or have you been able to get a conforming loan?

 

[lauralu]

Go somewhere else....you will find what your looking for outside the credit union...

 

[violet02]

Thanks we''ve tried elsewhere and yes it seems that some people do offer this loan now. But the monthly payments when you only have a 10% down are out of this world. SIGH.

 

[lauralu]

I m sorry to hear that. The housing loan process has become more difficult at all income levels it seems these days. Unless you have 20% down...and not many do...

We have been trying to get ourselves into a position to refinance. My SO has been layed off twice in the last few years and now works a job where he works full time hours but is part time status. Without full time status we can''t qualify for the refi loan even though he makes plenty for us too....SUCKS!

Good luck to you and I am sorry it will not work out for you right now...

 

[violet02]

Wow sorry to hear that... good luck to you as well.

I think this year is a good time to get into the market as a first time buyer but all the mortgage insurance and fixed loans and huge downs make it seem nearly impossible. Add to that the fact that everyone I know seems to think that this fall is the time to buy to get in on this type of loan offer so there will be a mad dash to buy then and next year we won''t be able to afford to get in. Blah.

My FI is talking about us buying a condo now instead. I hate condos but we may have to settle to get into something. We apparently aren''t taking advantage of the tax breaks people in our income bracket can get by owning. Next week we see the financial planner to figure out what the heck we''re supposed to be doing.

I hate money matters sometimes.